The UK has been sending less goods around the world, as the trade deficit remains stubbornly high (Source: Getty)

Jake Cordell

Britain's trade deficit narrowed by a miniscule amount in February 2016, nowhere near enough to allay concerns about a failure to rebalance the economy and increase sales of British products around the world.

The deficit - the difference between imports and exports - came in at £4.8bn in February, shrinking slightly from an eye-watering £5.2bn in January.

Exports of both goods and services crept up over the month, with the total amount Britain sold overseas coming in at £42bn in February. However, this was unchanged from the same month last year, bringing into question the success of the government’s exports drive.

The government wants to double the value of British exports to £1 trillion by the end of the decade. However, since 2011, exports have only increased by two per cent and currently stand at £511m.